Risk Specialist / Senior Risk Specialist - BSA / AML

Company

Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

Supervision, Regulation and Credit (SRC) is responsible for the supervision and regulation of state member banks (SMBs), bank holding companies (BHCs), savings and loan holding companies (SLHCs), financial holding companies (FHCs), data service providers, trust companies and large and foreign banking organizations (LFBOs). Supervised financial organizations are located across the Third District and range in size and complexity from small community organizations to some of the largest banking organizations in the country.

A Senior Risk Specialist serves as a technical subject matter expert on a dedicated supervisory team or partners with a supervisory event team to develop supervisory strategies, participate on supervisory events, and provide expertise to support the supervision of District organizations. The individual maintains advanced skills in a specific risk specialty area including Bank-Secrecy/Anti-money Laundering, Fiduciary, Information Technology, Credit and Asset/Liability Management, as well as other risk areas, as determined. A Risk Specialist generally performs the duties below for complex situations or financial organizations.

The following job descriptions details the requirements for a Senior Risk Specialist. Applicants with less experience or education may be considered for the Risk Specialist position.

Bank Secrecy/Anti-money Laundering (BSA/AML)

Principal Duties and Responsibilities:

• Conducts the assessments of Third District financial institution BSA/AML programs including areas such as customer / enhanced due diligence, Customers Identification Program, Office of Foreign Assets Control (OFAC), suspicious activity monitoring, and all other components of an effective BSA/AML program.
• Assess an institution's compliance with BSA/AML laws and regulations and the ability to identify BSA/AML program red flags, as well as an understanding of the pillars of BSA/AML.
• Develops examination/project plans, timelines and milestones for supervisory events/projects of moderate complexity and acts to ensure plan goals are achieved.
• Demonstrates advanced analytical and problem-solving skills, independent and critical thinking, and decision-making abilities.
• Conveys opinions, draws conclusions and offers persuasive arguments in a written format that is clear, concise, and appropriate to the information needs of the audience; prepares well-supported, written reports that reflect advanced critical and independent thinking.
• Participates in or conducts meetings with bank management or boards of directors and  conducts briefings on a regular and ad hoc basis for internal and external stakeholders involving complex issues or situations.
• Develops relationships with supervisory risk specialist personnel across the Federal Reserve System, as well as with senior management and directors of supervised financial organizations.

Perform other duties as assigned:

• Participates in department and System-wide initiatives, including but not limited to, working with staff from other Reserve Banks, the Board of Governors' and other regulatory agencies.
• Prepares and present materials to support staff training and outreach in area of expertise; may serve in a formal training capacity, as applicable.
• Serves as a mentor and coach, providing constructive feedback to staff at all levels.
• Maintains current knowledge of industry developments and banking regulations, and the supervisory process and technology tools.
• Participates in Federal Reserve System supervisory activities and other resource sharing opportunities.
• Completes other special projects or tasks as assigned.

Qualifications:

Education and Experience:

• Bachelor's degree (concentration in business, economics, finance, accounting, law or a related field preferred); or equivalent related work experience and education is required.  Advanced degree preferred.
• Minimum of 8 years of direct or comparable banking, financial industry, or banking supervision experience with a focus on BSA/AML is required.
• CAMS certification is required. 
• An active commission issued by the Board of Governors' of the Federal Reserve System is a plus.

Applicants mu